On December 9, 2010, AbitibiBowater announced that it completed its reorganization and emerged from CCAA and Chapter 11. Abitibi’s Chapter 11 plan of reorganization was confirmed on November 23, 2010 and its CCAA plan of reorganization was sanctioned on September 23, 2010. Abitibi also announced that it closed $1,450,000,000 in exit financing that will be used to repay remaining DIP facilities, make payments to secured creditors and make other payments required upon its exit. Abitibi also make certain initial distributions to unsecured creditors in the form of common shares.
On November 19, 2010, Adanac Molybdenum Corporation announced that the British Columbia Supreme Court approved Adanac’s Plan of Compromise and Arrangement. Upon implementation, Adanac will make distributions of cash or stock to creditors.
Adanac owns the Ruby Creek Project in northern British Columbia.
On October 4, 2010, the British Columbia Supreme Court approved the Plan of Arrangement regarding Bear Mountain Master Partnership. On November 5, 2010, certain assets of Bear Mountain, including golf courses, a resort hotel and remaining real estate holdings, were transferred into newly created subsidiaries of HSBC Bank Canada pursuant to the Revised Consolidated Plan of Arrangement. As we previously wrote, the Bear Mountain golf resort and real estate development successfully filed under the CCAA in British Columbia. At that time, Bear Mountain was in default on some of its loans and owed secured creditors more than $300,000,000.
Bruce R. Smith
Bruce R. Smith Limited announced that, effective October 27, 2010, it exited from the CCAA in Ontario and completed a financial recapitalization with an investment group led by Tepper Holdings Inc. Bruce R. Smith filed under the CCAA in the fall of 2009.
Bruce R. Smith provides flatbed and temperature controlled carrier services.
On November 10, 2010, Chemtura Corporation announced that it completed its financial restructuring and exited Chapter 11. It also announced that Chemtura Canada Co. completed its CCAA proceedings and also exited Chapter 11. Under Chemtura Corporation’s Plan of Reorganization, Chemtura Corporation announced it will satisfy creditors’ claims in cash and/or stock in the reorganized Chemtura Corporation.
Chemtura Corporation is a global manufacturer and marketer of specialty chemicals, agrochemicals and pool, spa and home care products.
On January 18, 2011, Davie Yards Inc. announced that it obtained an order from the Quebec Superior Court extending the stay of proceedings to February 18, 2011. The extension is intended to allow Davie to negotiate an agreement with a potential investor, to work on a response to the request for proposal to become 1 of 2 selected shipyards under the National Shipbuilding Procurement Strategy and to develop a plan of arrangement. Previously, on October 29, 2010, Davie announced that it obtained an order from the Quebec Superior Court extending the stay of proceedings to January 21, 2011.
Davie owns and operates the Davie yard in Quebec and manufactures offshore service vessels and rigs.
On January 10, 2011, Fraser Papers Inc. announced that the consolidated plan of compromise or arrangement filed in its Ontario CCAA proceeding did not receive sufficient support from its creditors and the plan will not be implemented. The plan required approval of the majority of creditors in number and 66 2/3% by dollar value of claims filed by creditors. Fraser Papers announced that 98.4% of creditors voted in favour of the plan but only 41.7% of claims based on dollar value voted in favour of the plan.
On November 18, 2010, Boutique Jacob Inc. announced that it successfully filed under the CCAA in Quebec.
Jacob sells clothing, accessories and beauty products under the JACOB and other banners.
On December 20, 2010, Tagish Lake Gold Corp. announced that it completed its Plan of Arrangement, which previously received court, creditor and shareholder approval. Pursuant to the Plan of Arrangement, Tagish Lake is now a wholly-owned subsidiary of New Pacific Metals Corp. On October 27, 2010, Tagish Lake announced that it entered into a credit agreement with New Pacific for the principal amount of $8,250,000 in order to fund the required payments under the Plan of Arrangement.
On October 22, 2010, Winalta Inc. announced that it received court and creditor approval for its Plan of Arrangement in connection with its CCAA proceedings in Alberta. On November 1, 2010, Winalta announced that, pursuant to the Plan of Arrangement, it was amalgamated with its subsidiaries Winalta Carriers Inc., Winalta Oilfield Rentals Inc. and Baywood Property Management Inc., emerging from CCAA as Winalta Inc.
Winalta Inc. is an oilfield rentals provider that leases portable industrial accommodations and catering services to the energy sector.